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Dollar Halts Rally, Remains in Bull Mode

December 30, 2014 by

EUR/USD was flat today following two trading sessions of losses. The currency pair reached the lowest level since July 2012 intraday though. While the dollar backed off due to profit taking as well as after consumer confidence missed expectations, analysts remain bullish on the US currency over longer term. The outlook for tighter monetary policy and robust economic growth helped the greenback to gain on all other most-traded currencies this year.

S&P/Case-Shiller home price index rose 4.5% in October from a year ago. The actual increase was slightly above the forecast growth of 4.4% but below the previous month’s 4.8%. The index fell 0.13% on a monthly basis. (Event A on the chart.)

Consumer confidence rose from the positively revised November’s reading of 91.0 to 92.6 in December but still trailed market expectations of 94.6. (Event B on the chart.)

EUR/USD for 2014-12-30

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